Equity Analyst, LightStream Research

Oshadhi Kumarasiri

An equity research analyst with over 7 years of experience in multiple sectors. Previously worked for one of the world's largest asset managers with about USD2.5trn in AUM, covering small and micro-cap companies in the consumer sphere across Europe and developed Asia. Also experienced in covering multiple industries including banking, insurance and asset management, retail, tech, telco and REIT.

Equity Analyst

Oriental Land: Too Expensive to Benefit From Japan’s COVID-19 Vaccination Drive

Oriental Land: A Less Than Impressive Reopening Could Trigger a Much-Needed Correction

Oriental Land: Price Reaction Unwarranted and There’s Significant Downside Risk in a Bear Market

Oriental Land: Downside Risks Mount as Japan Considers Declaring a State of Emergency

Oriental Land: Over-Optimistic 4QFY21 Consensus

Oriental Land: Never Mind the Absurd Consensus, FY21 Guidance Also Looks Challenging

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<p>Since the beginning of the COVID-19 pandemic, we have been highlighting the fact that <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a>’s consensus estimates have been out of touch with reality. Just three months ago, consensus 4QFY21 revenue and OP were as high as ¥72.6bn and minus ¥5.9bn respectively.</p>
<p>Yet again, the company delivered disappointing results (4QFY21) with ¥33.5bn revenue, missing the most recent consensus estimate and the company guidance by 22.4% and 30.7% respectively. The company’s 4QFY21 operating loss was ¥26.1bn compared to the latest consensus operating loss estimate of ¥17.1bn and the company guidance of ¥31.6bn.</p>

Since the beginning of the COVID-19 pandemic, we have been highlighting the fact that Oriental Land (4661 JP)’s consensus estimates have been out of touch with reality. Just three months ago, consensus 4QFY21 revenue and OP were as high as ¥72.6bn and minus ¥5.9bn respectively.
Yet again, the company delivered disappointing results (4QFY21) with ¥33.5bn revenue, missing the most recent consensus estimate and the company guidance by 22.4% and 30.7% respectively. The company’s 4QFY21 operating loss was ¥26.1bn compared to the latest consensus operating loss estimate of ¥17.1bn and the company guidance of ¥31.6bn.

Oriental Land

Oriental Land: Misses Again